Armstrong World Industries (AWI) Upgraded by KeyCorp to Overweight

KeyCorp upgraded shares of Armstrong World Industries (NYSE:AWI) from a sector weight rating to an overweight rating in a report released on Friday morning, MarketBeat Ratings reports. They currently have $76.00 target price on the construction company’s stock. KeyCorp also issued estimates for Armstrong World Industries’ Q4 2018 earnings at $0.86 EPS and FY2019 earnings at $4.34 EPS.

A number of other equities research analysts have also weighed in on AWI. Jefferies Financial Group restated a hold rating and issued a $68.00 price objective on shares of Armstrong World Industries in a report on Friday, July 20th. SunTrust Banks boosted their price objective on shares of Armstrong World Industries to $78.00 and gave the stock a buy rating in a report on Wednesday, August 1st. ValuEngine lowered shares of Armstrong World Industries from a buy rating to a hold rating in a report on Wednesday, August 8th. Zacks Investment Research lowered shares of Armstrong World Industries from a buy rating to a hold rating in a report on Tuesday, September 11th. Finally, Goldman Sachs Group started coverage on shares of Armstrong World Industries in a report on Tuesday, October 2nd. They issued a neutral rating and a $70.00 price objective for the company. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and three have given a buy rating to the stock. Armstrong World Industries currently has an average rating of Hold and an average target price of $69.00.

Shares of AWI opened at $66.87 on Friday. The company has a market capitalization of $3.31 billion, a PE ratio of 22.14, a price-to-earnings-growth ratio of 1.00 and a beta of 1.75. The company has a debt-to-equity ratio of 2.36, a current ratio of 1.46 and a quick ratio of 1.35. Armstrong World Industries has a fifty-two week low of $49.25 and a fifty-two week high of $73.45.

Armstrong World Industries (NYSE:AWI) last announced its quarterly earnings data on Tuesday, October 30th. The construction company reported $1.11 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.17 by ($0.06). The business had revenue of $260.50 million during the quarter, compared to the consensus estimate of $252.96 million. Armstrong World Industries had a return on equity of 45.95% and a net margin of 19.46%. The company’s revenue was up 11.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.90 earnings per share. Equities research analysts expect that Armstrong World Industries will post 3.75 earnings per share for the current year.

In related news, insider Valueact Capital Master Fund, sold 1,500,000 shares of Armstrong World Industries stock in a transaction on Tuesday, August 7th. The shares were sold at an average price of $69.20, for a total value of $103,800,000.00. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Holdings L.P. Valueact sold 100,000 shares of Armstrong World Industries stock in a transaction on Friday, August 31st. The stock was sold at an average price of $70.03, for a total transaction of $7,003,000.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,667,990 shares of company stock worth $115,566,762. 1.94% of the stock is owned by insiders.

Several hedge funds and other institutional investors have recently modified their holdings of AWI. Principal Financial Group Inc. increased its stake in shares of Armstrong World Industries by 7.9% in the first quarter. Principal Financial Group Inc. now owns 37,576 shares of the construction company’s stock worth $2,115,000 after buying an additional 2,752 shares during the period. Xact Kapitalforvaltning AB increased its position in Armstrong World Industries by 25.4% during the 1st quarter. Xact Kapitalforvaltning AB now owns 4,930 shares of the construction company’s stock valued at $278,000 after purchasing an additional 1,000 shares during the period. Allianz Asset Management GmbH purchased a new position in Armstrong World Industries during the 1st quarter valued at $1,631,000. Dynamic Technology Lab Private Ltd purchased a new position in Armstrong World Industries during the 1st quarter valued at $355,000. Finally, State of Alaska Department of Revenue increased its position in Armstrong World Industries by 32.3% during the 2nd quarter. State of Alaska Department of Revenue now owns 5,370 shares of the construction company’s stock valued at $339,000 after purchasing an additional 1,310 shares during the period.

About Armstrong World Industries

Armstrong World Industries, Inc designs, manufactures, and sells ceiling systems primarily for use in the construction and renovation of residential and commercial buildings worldwide. It principally offers mineral fiber, fiberglass wool, and metal ceiling systems. The company produces suspended mineral fiber and soft fiber ceiling systems; suspension system (grid) and ceiling component products; and acoustical ceiling, wall, and structural solutions.

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